Barclays doubles reward offering for new and existing customers
Barclays Blue Rewards was introduced in 2015, giving customers monthly cash incentives for a monthly fee as long as users met certain eligibility criteria.
It has now announced that new customers opening its current account via the Current Account Switch Service (CASS) by 29 June will get double the Blue Rewards for 12 months.
All in all, this means a switcher can receive up to £32 a month or £384 a year. But as customers need to pay a £3 a month fee, this actually means users can get up to £348.
For existing customers, the rewards will be doubled during May.
How Barclays Blue Rewards works
In order to be eligible for the rewards scheme, customers need to pay in a minimum of £800 a month, set up two direct debits and pay the £3 a month fee.
The scheme work on a sliding scale so the more products you hold with Barclays, the more you’re rewarded:
- £3.50/month for each of the two direct debits (£7 which is doubled to £14)
- £5/month mortgage loyalty reward (doubled to £10)
- Up to £3/month home insurance loyalty reward (doubled to £6)
- £1/month loan loyalty reward (doubled to £2).
Blue Rewards customers receive an additional 1% cashback at over 150 retailers when shopping via online banking or Barclays mobile banking, which will be doubled to 2% during May for existing customers, and for the whole year for new customers. Barclays said there’s no limit on this, but individual retailers may impose spending limits.
Overall, just by having two direct debits and no other products with Barclays, the minimum new switchers can earn in the year is £132 (after the £36 annual fee).
For new customers switching their current account to Barclays, rewards will be paid into their digital rewards wallet on a monthly basis, with the first payment being made the month after registering for the rewards scheme.
If a customer was to switch to Barclays via CASS before 29 June and they take out a mortgage/home insurance/loan product later on in the year and within the 12-month period, the double offer would be applied to the new reward from the month after the product is taken out and would apply for the remainder of the offer period.
For existing customers who switch on Blue Rewards up to 31 May (via online banking, mobile banking or in branch), the reward will be paid into their digital rewards wallet for June.